Acorn Creek Capital LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Acorn Creek Capital LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 799.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 5,048 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,487 shares during the period. Broadcom accounts for about 0.5% of Acorn Creek Capital LLC’s investment portfolio, making the stock its 23rd biggest holding. Acorn Creek Capital LLC’s holdings in Broadcom were worth $871,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares during the period. Richardson Capital Management LLC purchased a new position in Broadcom in the first quarter worth approximately $29,000. Delta Asset Management LLC TN grew its holdings in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $36,000. Finally, St. Johns Investment Management Company LLC raised its holdings in shares of Broadcom by 4,000.0% in the 1st quarter. St. Johns Investment Management Company LLC now owns 41 shares of the semiconductor manufacturer’s stock valued at $54,000 after purchasing an additional 40 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on AVGO. JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. The Goldman Sachs Group increased their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. UBS Group decreased their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Finally, Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Trading Up 0.5 %

Shares of AVGO stock opened at $176.82 on Thursday. The company has a market capitalization of $823.08 billion, a P/E ratio of 7.61, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The business’s 50 day moving average is $165.17 and its two-hundred day moving average is $152.58. Broadcom Inc. has a twelve month low of $81.83 and a twelve month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the company posted $0.95 EPS. Broadcom’s revenue was up 47.3% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.20%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Buying and Selling at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by corporate insiders.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.